The Market Interest of Electric Vehicle in ASEAN Through Digital Analytics and Industry Performance

The electric vehicle industry is considered the next generation of the automotive sector. ASEAN, specifically, comprises three major electric vehicle markets: Indonesia, Thailand, and Malaysia. However, can this sector displace the fossil fuel automotive, which has dominated for many years? Changes in technology and policies across countries have pushed the automotive industry further towards environmental concerns. Growing businesses must be in line with environmental sustainability. Indonesia may be described as having a burgeoning and constantly changing curiosity that tends to be dynamic and impulsive. From 2020 to 2023, Malaysia saw a notable increase in interest in Electric Vehicle (EV), comparable to Indonesia. The examination of interest in Malaysia yields an overall index of 25.65. It is below Indonesia’s rate of 32.76 but above Thailand’s rate of 11.87. By analyzing the three trend graphs, it is clear that the interest in electric automobiles in Indonesia have experienced the most substantial increase, while Malaysia has shown the second highest level of interest. Indonesia encounters the lowest level of buying power in comparison to the remaining two countries. Thailand, being the foremost motor vehicle producer in Southeast Asia, is anticipated to see a decline in customer demand for EV. However, the growth and decline of market interest in the future will be driven by industry players and policy makers in each country, broadly in the ASEAN region.